Broadcom Stock Surges on Strong Earnings, Outlook

Broadcom (AVGO) reported fiscal first-quarter results that topped analysts’ expectations, sending shares higher in extended trading Thursday.

The chipmaker’s revenue grew 25% year-over-year to $14.92 billion, above the analyst consensus from Visible Alpha. Adjusted net income came in at $7.82 billion, up from $5.25 billion a year earlier and ahead of expectations.

The gains came as Broadcom’s AI revenue surged 77% to $4.1 billion. CEO Hock Tan said the company expects “continued…